RSI is working like a charm for XAUEUR for a long time, at least for bullish signals. Gold is rising against the Euro since our post about the RSI signal in early March. After turning from 1415 support XAUEUR is now over the uptrend line again which started in 2018. Rising inflation, growing debts, and relaxed central banks are fueling Gold while ECB with front-loaded PEPP is giving a pause to the Euro may lead to further upside for the XAUEUR.
The RSI gave a sell signal to Gold-Euro but a lot of fundamentals and technicals still favoring Gold. If the price able to stay above the 200-day moving average which is also near the long-term uptrend line, bullish pressures may continue. With the breaking of the 1590 resistance, over 1700 pricing may become a possibility.
However, if the XAUEUR can break the key 200-day moving average support, it may pull back to the 1475-1500 zone with the support of the RSI sell signal.